AbbVie pulls out of one ENHANZE collaboration program
US pharma major AbbVie (NYSE: ABBV) has discontinued a development program using the ENHANZE platform technology and the tumor necrosis factor alpha (TNF-alpha) target following completion of a Phase I study in which the target results were not achieved.
Partner USA-based Halozyme Therapeutics (Nasdaq: HALO) and AbbVie will continue to work collaboratively to identify additional targets for co-development under their 2015 global collaboration and licensing agreement. TNF-alpha was the first nominated target of nine included as part of the agreement. Halozyme’s shares dipped 3.18% to $12.41 in morning trading, while AbbVie was barely changed.
In June 2015, Halozyme entered into a global collaboration and license agreement with AbbVie to develop and commercialize products combining proprietary AbbVie compounds with Halozyme's ENHANZE platform, potentially valued at $1.19 billion.
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